Tech and Telecom

The federal government has shortlisted two officials for the post of the Acting President of the National Bank of Pakistan (NBP) after the removal of Arif Usmani from it. ALSO READ IHC Orders to Dismiss National Bank’s President and Chairman BoD The Ministry of Finance had forwarded the names Faisal Topra, Jamal Baqir, Fawad, Sultana Naheed, Kareem Ikram Khan, and Rehmat Ullah Hasni to the State Bank of Pakistan (SBP) for the befitting and proper criteria. Subsequently, the SBP has nominated Sultana Naheed and Rehmat Ali Hasni for the position. Sultana Naheed has been working in a bank since 1984…

This has been a tremendous year for STARZPLAY. As people stay home to stay safe from the pandemic, the scorching heat and soaring temperatures, Pakistan’s fastest-growing streaming service has been keeping them entertained with its extensive content library and original productions, one after the other. Earlier this year, Angeline Malik’s hilarious but insightful and necessary short film—Khushkhabri Kay Baad, a film that discusses family planning in a witty and light-hearted way, was launched and met with a fantastic response from the public. This was followed by a STARZPLAY original series, titled ‘Khel Tamasha’, which was the streaming service’s first foray…

A meeting of the Cabinet Committee on Energy (CCOE) was held under the chairmanship of the Federal Minister for Planning, Development, and Special Initiatives, Asad Umar, in Islamabad. Petroleum Division presented the implementation status of recommendations of the Report of Inquiry Committee, constituted to probe into the shortage of petroleum products in the country in June 2020. CCoE noted the progress made on the recommendations so far and directed that the remaining actions for implementation of recommendations of the Committee be taken expeditiously. ALSO READ Pakistan’s Oil Sales Rose by 18% YoY in FY2021 CCOE also directed FIA to update…

The Federal Board of Revenue (FBR) announced a special tax regime for manufacturing sector small and medium enterprises from July 1, 2021. The FBR released the details of the fixed tax scheme for the manufacturing SMEs. According to the FBR, the SMEs have been defined in clause (59A) of section 2 as manufacturing enterprises irrespective of their status as an individual, AOP or company having turnover up to Rs. 250 million. The manufacturing SMEs being companies falling under this definition have been excluded from the definition of small companies. Under the new legal framework for the SMEs, the enabling legal…

The Special Assistant to Punjab Chief Minister, Dr. Firdous Ashiq Awan, has announced the approval of the establishment of universities in eight districts of Punjab including Attock, Gujranwala, Rajanpur, Pakpattan, Hafizabad, Bhakkar, Layyah, and Sialkot. According to the details, Dr. Awan said that funds worth Rs. 15 billion have been allocated for higher education development in the current fiscal year, which is 285 percent more than in the previous fiscal year. ALSO READ Federal Minister for Economic Affairs Launches e-Portal for NGOs “The provincial government is setting up new universities in every district, and so far six universities have been…

Former captain, Younis Khan, has accused Shahid Afridi of being the mastermind behind the revolt against him in 2009. Khan claimed that Afridi was the main instigator of the revolt, and he did so because he wanted to become the captain of the national side. ALSO READ PCB Officially Bids for Hosting Rights of Upcoming Major ICC Events Back in 2009, as many as ten Pakistan cricketers, including Mohammad Yousuf, Shahid Afridi, Shoaib Malik, Misbah-ul-Haq, Saeed Ajmal, Kamran Akmal, Rana Naved ul Hasan, and Umar Akmal, conspired to remove Younis from the captaincy. Rather than speaking to Khan or the…

The Federal Board of Revenue (FBR) has imposed regulatory duties on the import of over 80 luxury and non-essential items including stationary items, imported chocolates, drinks, sanitary items and coffee of foreign brands from July 1, 2021. The FBR has issued S.R.O. 840(I)/2021 to supersede S.R.O. 680(I)/2019, dated the 28th June, 2019. Federal government has imposed a regulatory duty on import of goods specified falling under the Pakistan Customs Tariff (PCT) Code of the First Schedule to the Customs Act at the rates specified. From July 1, 2021, the FBR has allowed reduction / exemption of CD, ACD & RD…

The SECP has accorded approval for registration of the first Shariah Compliant Developmental Real Estate Investment Trust (REIT) Scheme in Pakistan under the revamped REIT regulatory framework. Earlier this year, SECP had significantly revamped the REIT Regulation, 2015.   This signifies that the amendments introduced after an exhaustive stakeholder consultation process have proven to act as the much-needed catalyst for the REIT sector. The REIT sector was previously relatively dormant, with the launch of only one REIT Scheme since 2008.   Amendments to the REIT Regulations in 2015 only yielded launch of one rental REIT Scheme, whereas successive amendments in…

The Federal Board of Revenue (FBR) has announced that the declaration of the telecommunication sector as an industrial undertaking will enable telecom companies to adjust withholding tax deducted on import of capital equipment and plant & machinery for their use. Through an income tax circular issued by the FBR on Thursday, the FBR has clarified the provisions relating to the Telecommunication sector that have been introduced in Finance Act, 2021. ALSO READ Finnish Fund for Industrial Cooperation Ltd Shows Interest in Equity Investment in TPL Insurance (I) Inclusion of telecommunication sector in the definition of industrial undertaking under clause (29C)…

The government of Sindh has decided to take over almost 4,200 non-formal schools that were previously under the management of the National Commission for Human Development (NCHD) and the Basic Education Community School (BECS). The decision was announced by Chief Minister (CM), Syed Murad Ali Shah, during the 42nd meeting of the Council of Common Interest (CCI) on 30 June. The other attendees of the meeting included Chief Secretary, Mumtaz Shah, PSCM Sajid Jamal Abro, School Education Secretary, Ahmed Bux Narejo, IPC Secretary, Asif Ikran, Special Secretary Finance, Bilal Memon, and Law Advisor Murtaza Wahab. ALSO READ Imran Khan Orders…